Sharemarket operator NZX has suspended trading in securities of Investment Research Group (IRG), which failed to issue results on time.
NZX today said that IRG had not provided it with full year results for the period to March 31, which under NZAX listing rules had been due to be issued to NZX on June 14.
NZX warned on June 15 that IRG's results were late and that it had five business days from the due date to issue the report or its securities would be suspended until IRG had issued its full-year report.
Also on June 15, IRG told the market that due to a change in personnel, reporting of the preliminary results would be outside the NZX release date.
IRG said at the time it was in the process of completing final accounts and starting its audit process. It anticipated it would announce its preliminary results within two to three weeks from June 15.
In the June 15 note, IRG, which provides information, analysis and advice about investments, said there was no reason to vary from an update provided by the company on May 11.
In the May 11 update, IRG said it had made an unaudited profit from operations of about $175,000 for the financial year, but that was a provisional result and may be adversely affected by write downs in the carrying value of assets.
Delisting of shares to reduce costs was an option being reviewed to improve trading performance.
